Financial Summary

The Year in Review
1997 proved to be a challenging year for ASAP with regard to its financial position. Delays in the delivery of a key project and unusual and unexpected drains on resources, led to ASAP running at a loss over the second half of the year. The result being an overall operating deficit of $150,000 for 1997. (see Profit & Loss Statement, Figure 1. 1997 Funds Summary).

As at the 31st of December, ASAP had $410,000 worth of assets (excluding contracts for work in 1998) offset against liabilities of $765,000. However, the bulk of our liabilities comprise salary and related commitments in 1998 which are offset by the contracts in hand. There are no liabilities in terms of loans and borrowings, and minimal lease obligations. Assets include $150,000 invested as part of the University’s share and bond portfolio, three vehicles, and a variety of office and computer equipment. (see Asset & Liability Statement).

Revenue
Whilst revenue in the first half of the year exceeded initial expectations, our revenue for the whole year was more in line with our original predictions. Thus revenue did not live up to our revised projections in the second half of the year, although a significant amount of revenue which was expected from projects during this time will now be collected in 1998. (see Figure 2. Monthly Revenue 1997, Figure 3. Cumulative Revenue 1997). Total revenue for 1997 was $1.8 million, with the majority coming from consultancy work within the private and corporate sector. Work undertaken for scientific and medical institutions brought in $92,000, while interest on our investments totaled $37,000. $65,000 was received from Government sources, the bulk of this comprising the ARC Collaborative Grant, with the balance made up of funds transferred from the History & Philosophy of Science Department under the Government’s Infrastructure Excellence Program. (see Profit & Loss Statement).

Expenditure
Expenditure patterns during 1997 generally followed expectations, with the exception of the final two months of the year when a significant overrun in expenditure was experienced. The majority of this can be attributed to a number of direct project costs which were to be recovered from the client in January 1998. Approximately half of the $1.95 million expenditure for the year could be attributed directly to the costs involved in fulfilling specific projects, with 75% of the remaining operating costs being for core staff salaries. Operating costs increased substantially in the second half of the year with the transfer of staff involved on the Generation Victoria Project to the core staff. In addition, three new staff were appointed in August. This has further strained our already stretched support structure and required considerable expenditure in order to provide minimal accommodation for all staff.

Asset & Liability Statement

As At 31st December, 1997

NOTES:

1. Work Completed but not invoiced as at 31st December, 1997
2. $60,622 Annual & Long Service Leave liabilities

$42,575 Maximum Severance Pay Liabilities

Not included in the Assets is the value of contracts in hand which will be undertaken in 1998.

Profit & Loss Statement

For 12 Months Ending 31st December, 1997

	Contents | ASAPWeb | What's New? | Statistics Search | Site Index | Site Map Published by: Australian Science Archives Project on ASAPWeb, 1 September 1998 Comments or questions to: ASAPWeb (asapweb@asap.unimelb.edu.au) Prepared by: Lisa Cianci Date modified: 1 September 1998